Question
Problem 4-01A a-d The trial balance columns of the worksheet for Concord at March 31, 2019, are as follows. Concord Worksheet For the Month Ended
Problem 4-01A a-d
The trial balance columns of the worksheet for Concord at March 31, 2019, are as follows.
Concord
Worksheet
For the Month Ended March 31, 2019
Trial Balance
Account Titles
Dr.
Cr.
Cash4,500Accounts Receivable2,900Supplies2,160Equipment
11,308Accumulated DepreciationEquipment
1,285.0Accounts Payable2,680Unearned Service Revenue
490Common Stock10,465Retained Earnings2,358Dividends1,130Service Revenue6,300Salaries and Wages Expense1,270Miscellaneous Expense31023,57823,578
Other data:
1.
A physical count reveals only $600 of roofing supplies on hand.
2.
Depreciation for March is $257.
3.
Unearned service revenue amounted to $230 at March 31.
4.
Accrued salaries are $600.
Enter the trial balance on a worksheet and complete the worksheet.
Concord
Worksheet
For the Month Ended March 31, 2019
March 31, 2019
For the Year Ended March 31, 2019
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash4,500
Accounts Receivable2,900
Supplies2,160
Equipment
11,308
Accumulated DepreciationEquipment
1,285.0
Accounts Payable2,680
Unearned Service Revenue
490
Common Stock10,465
Retained Earnings2,358
Dividends1,130
Service Revenue6,300
Salaries and Wages Expense1,270
Miscellaneous Expense310
Totals
23,578
23,578
Supplies Expense
Depreciation Expense
Salaries and Wages Payable
Totals
Net Income
Totals
Prepare income statement for the month of March.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Concord
Income Statement
For the Year Ended March 31, 2019
For the Month Ended March 31, 2019
March 31, 2019
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
$
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
$
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
$
Prepare a retained earnings statement for the month of March.(List items that increase retained earnings first.)
Concord
Retained Earnings Statement
For the Year Ended March 31, 2019
March 31, 2019
For the Month Ended March 31, 2019
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
$
Add
Less
:
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
Add
Less
:
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
Dividends
Expenses
Investments
Net Income / (Loss)
Retained Earnings, March 1
Retained Earnings, March 31
Revenues
Total Expenses
Total Revenues
$
Prepare a classified balance sheet at March 31.(List Current Assets in order of liquidity.)
Concord
Balance Sheet
For the Year Ended March 31, 2019
For the Month Ended March 31, 2019
March 31, 2019
Assets
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
Add
Less
:
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Liabilities and Stockholders' Equity
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Journalize the adjusting entries from the adjustments columns of the worksheet.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
(To record adjusting entry for supplies.)
Mar. 31
(To record adjusting entry for depreciation.)
Mar. 31
(To record adjusting entry for unearned service revenue.)
Mar. 31
(To record adjusting entry for salaries and wages expenses.)
Journalize the closing entries from the financial statement columns of the worksheet.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
(To close revenue account.)
Mar. 31
(To close expense accounts.)
Mar. 31
(To close net income / (loss).)
Mar. 31
(To close dividends.)
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Accounting And Social Theory An Introduction
Authors: Lisa Jack
1st Edition
1138100714, 9781138100718
